The global Commercial Refrigeration Equipment Market is estimated to be valued at US$ 53.38 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Commercial refrigeration equipment refers to industrial and commercial refrigeration systems that are used for food preservation and storage in commercial establishments. These include refrigerators, freezers, and chilled counters that are commonly used in supermarkets, restaurants, hotels and other food retail stores. Commercial refrigeration equipment helps maintain certain temperatures to extend the shelf life of foods, fruits and beverages.
Market key trends: One of the key trends in the commercial refrigeration equipment market is the growing adoption of natural refrigerants. Natural refrigerants such as ammonia, hydrocarbons, and CO2 have zero Ozone Depletion Potential (ODP) and very low Global Warming Potential (GWP). They are considered more environment-friendly replacements for synthetic refrigerants. Ammonia and CO2 based commercial refrigeration systems are gaining popularity in supermarkets, hypermarkets, and retail stores due to regulations banning the use of refrigerants with high-GWP levels. Their use mitigates greenhouse gas emissions and minimizes the carbon footprint of commercial refrigeration sector.
Segment Analysis
The commercial refrigeration equipment market is segmented by product type, application, and region. Based on product type, the walk-in/reach-in coolers segment held the largest share in 2022 owing to its high demand in supermarkets, hypermarkets, and convenience stores. Walk-in coolers are a popular choice due to their ability to provide large storage capacity.
Key Takeaways
The global commercial refrigeration equipment market is expected to witness high growth, exhibiting a CAGR of 4.7% over the forecast period, due to increasing demand for cold chain equipment from food retail and food service industries.
Regional Analysis
North America held the largest share of the global commercial refrigeration equipment market in 2022 and is expected to maintain its dominance over the forecast period. This is attributed to the strong presence of food retail giants and quick service restaurants in the region.
Key Players
Key players operating in the commercial refrigeration equipment market are United Technologies Corporation, Ingersoll-Rand plc, Johnson Controls Incorporated, Daikin Industries Limited, Dover Corporation, Hussmann Corporation, AHT Cooling Systems GmbH, Ali SpA, Illinois Tool Works Incorporated, Emerson Electric Company, Leer Incorporated, True Manufacturing Company Incorporated, and Whirlpool Corporation.
